President Donald J. Trump has issued an executive order directing the Secretary of State to identify countries that could face an extra 25% tariff on all goods imported into the United States if they import oil from Venezuela. This measure may be effective as early as April 2, 2025, and aims to address the destabilizing actions of the Venezuelan regime and protect U.S. interests.

As of early 2025, several countries import oil or petroleum from Venezuela. Based on available data and trends, the primary importers include*:

China: The largest buyer, accounts for a significant portion of Venezuela’s oil exports (over 50% in recent years, with approximately 503,000 barrels per day (bpd) reported in early 2025

United States: Imports averaged around 222,000 bpd in 2024, though this may decrease after April 2025 due to expiring U.S. licenses and potential tariff policies

India: Imports roughly 125,000 bpd in early 2025

Spain: Imported about 75,000 bpd in 2024

Cuba: Imports around 32,000 bpd in 2024

Brazil: Imports an estimated at 8-10% of Venezuela’s total exports in recent years

Turkey: Imported about 13-14% of Venezuela’s exports in 2023

Other countries, such as Italy, Russia, Singapore, and Vietnam, also import Venezuelan oil, though in smaller or less consistent volumes.

These tariffs would be in addition to any other tariffs already in place on a country such as section 232, section 301, and/or IEEPA tariffs.

For more information, please see the Executive Order.

* Source: Sandler, Travis & Rosenberg, P.A. and NCBFAA

Due to the rapidly changing application and modifications of duty rates, please note that Deringer is not responsible for coordinating the timing of U.S. entry and imposed tariff rates.